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Notes Receivable - Bank Acceptance | 6 Months Ended
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Jun. 30, 2018
Notes Receivable - Bank Acceptance/ Other Receivables [Abstract] |
NOTES RECEIVABLE - BANK ACCEPTANCE | 3. NOTES RECEIVABLE – BANK ACCEPTANCE As of June 30, 2018 and December 31, 2017, the Company had outstanding notes receivable on-hand of $906,810 and $979,462, respectively, representing the commercial notes (also called bank acceptances) that were issued by customers to Erdos TCH and were honored by the applicable bank. Erdos TCH may hold a bank acceptance until the maturity for the full payment, have the bank acceptance cashed out from the bank at a discount at an earlier date, or transfer the bank acceptance to its vendors in lieu of payment. As of June 30, 2018, Erdos TCH had a $0.26 million bank acceptance that was transferred to one of its suppliers but had not matured. If the honoring bank refuses to redeem the bank acceptance, which only occurs in rare circumstances, then Erdos TCH would be obligated to redeem these bank acceptance.

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